"Ten years ago New Zealand became the first country to launch a fully-electronic online securities register,

"In the decade since, the PPSR has proved to be a vital tool for businesses, allowing them to register leased goods or collateral and protect these goods in case their customers go bankrupt,

"There are now almost six million personal property statements on the register" says Mr Foss.

Mr Foss says he supports call for businesses to learn more about the importance of the PPSR.

"People have searched the register more than 25 million times, including 15 million searches to check whether money is owed on a vehicle, "It's important that businesses appreciate the value of using the PPSR. Unfortunately, too many only realise when it is too late."